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AmCham-China Wire: March 10, 2010 07 September 2010
| 10 MARCH 2010 | A service of AmCham-China and  |
| SELECTED CHINA MEDIA REPORTS | View Archives |
| 1. Liu Mingkang: credit supply for 2010 will be set at RMB7.5tr 2. China won't use foreign exchange reserve to buy gold 3. Hope for renminbi appreciation appears, but no specific action 4. Deputy governor of central bank talks about national investment 5. US to impose anti-dumping duty of up to 349% on China's refractory bricks 6. A breakthrough for China's capital market begins with "bonds" 7. CBRC asks to cautiously push forward pilot program for the comprehensive operation of non-bank financial institutions 8. Yi Gang: renminbi spot exchange rate and renminbi NDF stabilized 9. SASAC will inspect illegal and rule-violating projects in massive stimulus package |
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| SELECTED FOREIGN REPORTS: 10 MARCH 2010 | |
| Strong China Trade Data Make Case For Firmer Yuan (NYT - reg. req.) China's Geely Secures Financing to Buy Volvo: Report (NYT - reg. req.) Chinese Group Files Complaint Over 'Faulty' HP Laptops (NYT - reg. req.) Mainland exports jump 46pc in February (SCMP - subs. req.) Ministry of Agriculture plans to increase food safety measures (SCMP - subs. req.) US weighing WTO legal challenge in China internet censorship case (SCMP - subs. req.) Mainland car sales soar 55pc in February (SCMP - subs. req.) |
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| 1. Liu Mingkang: credit supply for 2010 will be set at RMB7.5tr Liu Mingkang, Chairman of the China Banking Regulatory Commission (CBRC), says that "2010 could be the most complicated year with regards to uncertainties. Faced with inflation expectations, we will have to deal with the problem of ample liquidity while at the same time maintaining continuity and stability in our policies." He says that the Chinese government aims to restrict the credit supply to RMB7.5tr for the entire year of 2010. [Tencent, 2010.03.10] 1,370 words - PReSEARCH it now 2. China won't use foreign exchange reserve to buy gold March 9, Yi Gang, Deputy Governor of the central bank and Director of the State Administration of Foreign Exchange, says that, at present, China will not consider using its foreign exchange reserves to buy gold because long-term returns on investments in gold are low and China's purchase of gold could push up gold prices. [Sina, 2010.03.10] 879 words - PReSEARCH it now 3. Hope for renminbi appreciation appears, but no specific action Zhou Xiaochuan, Governor of People's Bank of China, describes China's current exchange rate as a temporary response to the global financial crisis. This means China will gradually allow the renminbi to depeg from the US dollar. However, Zhou Xiaochuan did not specify how or when China will let the renminbi appreciate. This is not the first time Zhou Xiaochuan has made these remarks. [Sina, 2010.03.10] 825 words - PReSEARCH it now 4. Deputy governor of central bank talks about national investment March 9, Yi Gang, Deputy Governor of People's Bank of China and Director of the State Administration of Foreign Exchange (SAFE), Huang Guobo, Chief Economist at the SAFE, and Guan Tao, Balance of Payments Department at the SAFE, answer questions about the management of foreign exchange and the foreign exchange reserve that were raised by Chinese and foreign reporters. Yi Gang says that it is market investment behavior for China to increase or reduce its holdings of US Treasury bonds. He does not expect the issue to be politicized. He says that hot money often flows into China through current accounts, FDI, individuals and underground banks. He says that any large gold purchases by China would certainly push up international gold prices. [Sina, 2010.03.10] 1,087 words - PReSEARCH it now 5. US to impose anti-dumping duty of up to 349% on China's refractory bricks March 4, the US Department of Commerce announces it has made a final determination to impose anti-dumping duties ranging from 132.74% to 349% on imports of refractory bricks from China. [Sina, 2010.03.09] 319 words - PReSEARCH it now 6. A breakthrough for China's capital market begins with "bonds" In his government work report, Premier Wen Jiabao asked for an active expansion of direct financing, an expansion of equity and an expansion of bond financing scale, so as to better satisfy diversified investment and financing requirements. This is the fifth consecutive year that content related to the promotion of the bond market has appeared in the government work report. Industry analysts think, after solving several difficult problems blocking the development of the bond market, China's bond market is expected to see rapid development. [Net Ease, 2010.03.10] 2,176 words - PReSEARCH it now 7. CBRC asks to cautiously push forward pilot program for the comprehensive operation of non-bank financial institutions Liu Mingkang, Chairman of the China Banking Regulatory Commission (CBRC), said that a pilot program for the comprehensive operation of non-bank financial institutions should be cautiously pushed forward. He asked to prevent non-bank financial institutions from becoming the channel through which commercial banks could elude policy. [JRJ, 2010.03.10] 433 words - PReSEARCH it now 8. Yi Gang: renminbi spot exchange rate and renminbi NDF stabilized March 9, Yi Gang, deputy governor of the central bank and director of the State Administration of Foreign Exchange, says at a press conference during the NPC and CPPCC meetings that China will continue to improve the formation of the mechanism for the renminbi exchange rate. During the process, China will keep the renminbi exchange rate at a reasonable and balanced level. Affected by his remarks, the renminbi spot exchange rate and renminbi NDF stabilize the same day. [ifeng.com, 2010.03.10] 1,753 words - PReSEARCH it now 9. SASAC will inspect illegal and rule-violating projects in massive stimulus package Jia Fuxing, Secretary of the Discipline Inspection Committee of State-owned Assets Supervision and Management Commission (SASAC), recently said that the SASAC will send a delegation to watch over illegal and rule-violating projects by SOEs in the country's massive stimulus package from April to May this year in order to prevent corruption. [ifeng.com, 2010.03.10] 841 words - PReSEARCH it now |
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This daily media update on China is provided by SinoFile Information Consulting. |
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